A little more education
Paradoxically, the inter-generational commitments which suggest a client might be suited to equity release are sometimes cited as reasons why they don’t want to go ahead. Simply having ‘too much on’ to think about further responsibilities and perceived risks can be an issue. If this is the case, some education about the true nature of modern lifetime mortgage products may well be called for.
Many people’s perceptions are coloured by certain equity release products which have now largely been consigned to history. They are often relieved – and even surprised – to hear that they need not face imagined risks such as losing their home, or of passing on debt to their offspring.
Once they fully understand the detail behind the products now available, and are aware of the substantial regulation surrounding them, clients increasingly begin to look upon their property in a new light – as a potential source of future income. This surely suggests that equity release will continue to gain popularity as an important ingredient in financial planning for the sandwich generation.
Aviva’s equity release shake-up
For details on Aviva’s recently revised selection of equity release products visit our dedicated site for UK financial advisers.